September Sales of U.S. Existing Homes Jump More Than Forecast
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By Bob Willis
Oct. 23 (Bloomberg) -- Sales of existing U.S. homes climbed in September to the highest level in more than two years as homebuyers rushed to take advantage of a tax credit before it runs out.
Purchases jumped 9.4 percent to a 5.57 million annual rate, more than forecast and following a 5.09 rate in August, the National Association of Realtors said today in Washington. The median price fell at the slowest pace in a year.
The $8,000 credit for first-time buyers, due to expire Nov. 30, has probably pulled sales and construction forward, signaling housing may cool in coming months. While Congress is considering extending the incentive, lower prices and mortgage rates have contributed to steadying a market that endured the worst slump since the Great Depression.
“The rapid gain in home sales over the past few months likely owes in large part to the homebuyer tax credit,” Michelle Meyer, an economist at Barclays Capital Inc. in New York, said before the report. “The bottoming process in the housing market is underway.”
Existing home sales were forecast to rise to a 5.35 million annual rate, according to the median forecast of 76 economists in a Bloomberg News survey. Estimates ranged from 5 million to 5.6 million, after an initially reported 5.1 million rate in August. Resales reached a 4.49 million pace in January, their lowest level since comparable records began in 1999.
Purchases of existing homes were up 9.2 percent compared with a year earlier. The median price fell to $174,900, down 8.5 percent from a year ago. It was the smallest decrease in 13 months.
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